WoodSpring Hotels has executed three additional license agreements with West77 Partners, a Bellevue, Washington-based real estate investment company, bringing the brand’s in-state portfolio to six hotels. This agreement marks the ninth deal between the two companies, on plan to build 25 hotels in and around the Seattle MSA. The three hotels will be in the Tri Cities (Richland), Lakewood and Kent markets. Richland is expected to break ground this year, while the Lakewood and Kent sites are projected to break ground mid-year 2018. WoodSpring Hotels property management company will operate all three properties.
“The WoodSpring brand continues to provide excellent returns on investment,” said Mike Nielson, West77 Partners principal. “The proven track record of the brand in the region strengthens our resolve to move forward, and their innovative product and operational model combined with our real estate and construction expertise make this relationship ideal to grow both our companies throughout the Pacific Northwest.”
Simultaneously, West77 is seeking sites and developing new build WoodSpring hotels in the San Francisco, Calif. market.
“WoodSpring continues to seek best-in-class partners like West77 to grow our brand,” said Ron Burgett, executive vice president of franchise development and operations at WoodSpring. “The Pacific Northwest and California remain ideal, underserved markets for extended-stay guests looking for affordable accommodations for stays of five-plus nights. We look forward to continuing and expanding our relationship with West77.”
WoodSpring Hotels is the company behind the nation’s fastest growing value extended stay hotel brand with more than 228 hotels in 33 states. The company owns 96 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands.
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